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2004 (8) TMI 31 - HC - Income TaxInterest on the deposits made by the shareholders and directors of the company - "Whether, the deposits received by the assessee-company from its directors and shareholders are outside the purview of section 40A(8)?" - it is absolutely clear that deposits has not been qualified by any phrase limiting it to public or private deposits. The word "deposit" is in respect of any deposits received by it. Any deposits would definitely cover within its word all the deposits whether it is received from the public or shareholders or from the directors - Held that Tribunal was not justified in disallowing the addition of 15 per cent. of the amount of interest paid by the respondent-assessee on the deposits made by the shareholders and directors of the company.
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